Kucoin crypto exchange has made a significant announcement concerning ten tokens on its trading platform. According to the announcement, the tokens would be removed based on the Special Treatment Rule substructure which was created to ascertain that only tokens or coins that meet up with and sustain their criteria remain listed on the crypto exchange platform.
The publication, which was made on KuCoin’s official website, indicated that the digital currencies to be removed from the exchange would not be able to have its tokens deposited by users after delisting.
Tokens to be Delisted on the Exchange
Kucoin also revealed that the tokens would be disabled from being traded by users on the KuCoin exchange at 18:00 on the 24th of December. However, withdrawals of the affected tokens would still be able to be made for a long period until 18:00 on the 21st of March, 2019. The tokens delisted by the Singaporean exchange include:
- Jibrel Network (JNT)
- WePower (WPR)
- Modum (MOD)
- EthLend (LEND)
- STK (STK)
- Asch (XAS)
- Bread (BRD)
- BitClave (CAT)
- Mobius (MOBI)
In the announcement posted on KuCoin’s official website, it was further added that it was after the conclusion of the latest stage of observation under KuCoin’s Special Treatment Rule substructure that the decision to remove the cryptocurrencies was made.
The exchange’s Special Treatment Rule substructure serves one major purpose: to make certain that the digital currencies listed on the exchange continue to meet up with their requirements on liquidity, roadmap adherence, market conduct, security and project solvency among other criteria. An extract from the platform’s Special Treatment Rule substructure states that;
“The Exchange may, during the observation period, decide to delist the ST Project if the Exchange believes the ST Project fails to take necessary actions to remedy the Negative Situation. Nevertheless, the Exchange reserves the right, in its sole discretion and without prior notice, to immediately delist the ST Project if the Exchange believes circumstances warrant so.”
Criteria for Delisting Tokens on KuCoin
The above extract indicates that tokens on the exchange could qualify for delisting if an observation is made on low liquidity for a prolonged period or if the project was non-operational for a quarterly period. Not notifying the digital currency exchange of material changes, not working together with the exchange for regular checkups, low level of security, not adhering to roadmaps in their ICO whitepaper, not updating the exchange on the project’s website, and divulging false information also make up the list of what can qualify a token to be delisted.
Several other matters can get tokens delisted, and they include team members getting involved in illegal activities, wash trading, insider trading, market manipulation, project insolvency and other matters that can make users question the integrity of the exchange.
In November, the Singaporean exchange concluded a $20 million Series A funding round headed by IDG Capital, Matrix Partners and Neo Global Capital to further grow after investing about $3 million in Bitcoin Australia with the aim of expanding towards the Asia-Pacific region.